Wang, Yanli; Lei, Xiaodong; Yang, Fan; Zhao, Na - In: Journal of applied economics 24 (2021) 1, pp. 393-408
We explore the impact of financial friction on resource misallocation and total factor productivity (TFP) of China …. First, the mathematical models are derived to clarify the mechanism and consequence of resource misallocation, showing that … markets will lead to factor distortion. Furthermore, the results of mechanism analysis demonstrate that resource misallocation …